1641 Carriage House Ter Unit 1641-F · White Oak, MD 20904

$119,900

1 bd · 1.5 ba · 806 sqft · Condo · 125 Days on market

Built 1986 $481/mo HOA · 27% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* INVESTOR SPECIAL * 1 bed, 1.5 bath with a loft. Great location. Bring your vision. Unlimited potential. Sold strictly AS-IS. The condominium project is FHA APPROVED.

Key facts

• $481 HOA
• Parking
• Built 1986

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#152 in MD) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A, employment B+; Watch: schools D+, crime D+, cost of living F.
• Montgomery County Public Schools (suburban): math 27% / reading 45% proficiency, ranked #3 of 24 in MD (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.9%/yr); 105 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,880 units permitted in Montgomery County in 2024 (2,054 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Montgomery County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.50% ✓
• Cap rate: 7.40%
• Cash-on-cash: 3.96%
• DSCR: 1.18
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.58×
• Total profit: $-13,946
• Equity at exit: $17,877

10-year hold

• IRR: -4.5%
• Equity multiple: 0.72×
• Total profit: $-9,367
• Equity at exit: $10,367

Cash invested: $33,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 20904

• Rents YoY: 1.9%
• Active inventory: 105
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,798 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$481
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $111

Break-even live

Break-even rent $1,658

Max offer price $119,900

Occupancy floor 89%

Sensitivity live

Price	-10% $194	-5% $152	+0% $111	+5% $69	+10% $28
Rent	-10% $-31	-5% $40	+0% $111	+5% $182	+10% $253
Rate	-1.0pp $171	-0.5pp $141	base $111	+0.5pp $80	+1.0pp $48

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11770 Carriage House Dr Silver Spring, MD	2.0	1.0	900	$2,300	$2.56	45d	1	0.00mi
1647 Carriage House Ter Silver Spring, MD	2.0	2.0	800	$2,000	$2.50	45d	1	0.04mi
11542 February Cir Silver Spring, MD	1.0–3.0	1.0–2.0	1034	$1,511	$1.46	1d	17	0.17mi
12001 Old Columbia Pike Silver Spring, MD	2.0	2.0	1117	$1,750	$1.57	23d	1	0.29mi
12001 Old Columbia Pike Silver Spring, MD	1.0	1.0	774	$1,725	$2.23	6d	2	0.30mi
11550 Stewart Ln Silver Spring, MD	1.0–3.0	1.0–2.0	943	$1,336	$1.42	1d	33	0.39mi
11401 July Dr Silver Spring, MD	2.0	2.0	1061	$1,966	$1.85	23d	9	0.51mi
11430 Lockwood Dr Silver Spring, MD	1.0–2.0	1.0–2.0	937	$1,369	$1.46	1d	19	0.65mi
11431 Lockwood Dr Silver Spring, MD	2.0	1.0	836	$1,899	$2.27	26d	1	0.73mi
11431 Lockwood Dr Silver Spring, MD	—	1.0	600	$1,199	$2.00	23d	1	0.73mi
11431 Lockwood Dr Silver Spring, MD	1.0–2.0	1.0	728	$1,257	$1.73	0d	1	0.73mi
11431 Lockwood Dr Silver Spring, MD	1.0	1.0	684	$1,425	$2.08	4d	1	0.73mi
11431 Lockwood Dr Silver Spring, MD	2.0	1.0	836	$1,930	$2.31	45d	1	0.73mi
17 Featherwood Ct Silver Spring, MD	1.0–3.0	1.0–2.0	979	$1,733	$1.77	0d	25	0.81mi
11225 Oak Leaf Dr Silver Spring, MD	3.0	1.0–2.0	917	$1,361	$1.48	0d	187	0.95mi
12230 Longfield Dr Silver Spring, MD	1.0–3.0	1.0–2.5	1793	$2,020	$1.13	1d	13	1.03mi
12801 Old Columbia Pike Silver Spring, MD	2.0	2.0	915	$2,014	$2.20	9d	5	1.39mi
11402 Cherry Hill Rd #103 Beltsville, MD	1.0	1.0	759	$1,300	$1.71	45d	1	1.43mi
11370 Cherry Hill Rd Unit 1P104 Beltsville, MD	1.0	1.0	759	$1,500	$1.98	45d	1	1.47mi

HOA detail condo

• Monthly dues: $481 · $5,772/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-21
   days on market $119,900 Active 125 DOM
2. 2026-06-18
   days on market $119,900 Active 122 DOM
3. 2026-06-18
   remarks 172-char remark
4. 2026-06-18
   listed $119,900 Active 121 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,576
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − HOA: −$5,772
• − Depreciation: −$3,488
• Taxable loss: −$250
• Est. tax savings @ 24.0%: +$60
• After-tax cash flow: $1,390/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Montgomery County Public Schools
• NCES district ID: 2400480
• Math proficiency: 27% ▼ -21.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $97,191
• Composite: 35.62/100
• National rank: #4889
• State rank: #3 of 24 in MD

Livability — White Oak

• Score: 71/100
• State rank: #152
• US rank: #6752

Category grades

Amenities C Commute A+ Cost of living F Crime D+ Employment B+ Housing B- Health & safety A User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: White Oak, MD
• County: Montgomery County · 961,106 people
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• Population (ZIP): 58,646
• Household income: $96,025
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 3682.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 1,173,231 people
• By 2030: 1,237,402 · +5.5%
• By 2040: 1,365,115 · +16.4%
• By 2050: 1,491,592 · +27.1%
• By 2075: 1,803,893 · +53.8%
• By 2100: 2,035,619 · +73.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Black 48% White 20% Hispanic / Latino 16% Asian 11% Two or more races 8%
• Hispanic origin (detail): Mexican 2% Dominican 2%
• Common ancestry: Hispanic 2% Romanian 1% Slovak 1%
• Foreign-born: 39% · Canada, Vietnam, China
• Languages at home: 53% English-only · Spanish 14% French/Haitian/Cajun 8% Other Indo-European 4%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+53.3) · D 75.2% · R 21.9% · Other 2.9%
• 2008→2024 swing: +8.7pp toward D · 2008: 44.6pp · 2024: 53.3pp
• All cycles: 2024: D+53.3 2020: D+59.6 2016: D+55.5 2012: D+43.4 2008: D+44.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -344.79%
• Current HPI: 262.4101
• Rent YoY: ▲ 1.94%
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B